Futures Outlook For Wednesday: S&P, Mini Dow Jones, Crude Oil

S&P 500 June Contract

S&P had sellers out in force yesterday pushing the market lower to 811. Overnight fresh sellers have entered the fray thus seeing 802. Now your longer term 50% Fib level is at 803.40 and as this is now trading back above here 802.60 is looking like sellers overextending themselves…

Buyers should now be back in control and it is only a loss of 802 that would trigger them to reverse their thoughts and positions as 796.65 would then be their target to attain. So back above 803.40 keeps buyers happy and should push this higher back to the 813.80 resistance.

Profit taking will be abundant and sellers should be cautiously entering the market. Sellers will panic above 815 as then the 821/23 resistance becomes the target of the frantic buyers.

Now if this has no retracement and breaks through 791 sellers will be out in force looking for 777/775 then as the short term objective.

Support

804/802

796.65

791

787/85

777/775***

769.30

767/766.20

759.30

Resistance

807.95

809

813.80

818

821/823

833.80

838/840.20

842.35

Today’s Pivot Points

841.6

827.8

819.4

805.6

797.2

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

830.95

821.89

813.80

805.70

796.65

LONGER TERM DAILY FIB LEVELS

734.10

770.69

803.40

836.10

872.27

Mini Dow Jones June Contract

Dow failed to break above 7943 thus sellers rejoiced and happily took the market lower for 7711. Further selling has been evident this morning with lows of 7653 posted. Now this is actually looking weaker than the S&P as it has broken the longer term 50% fib level of 7757. Buyers need their wits about them to claw back the declines and push this through the 7760 barrier thus easing any further downside moves. Failure in this direction will leave Dow under pressure for 7477 to 7435. Buyers are expected to defend this support and given the recent declines it is unlikely buyers would let this level break.

Back above 7760 takes off the immediate downside threat and buyers should then happily go forward with 7943 once more in their sights. Profit taking should be evident at these higher levels and only a break above 7950 will encourage buyers to renter the market taking up the challenge from the sellers.

Support

7653

7630/11

7584/71

7513/06

7480/77

7435

7381/70

7338*

Resistance

7696

7757

7779

7801

7864/7886

7943

7961

8023

Today’s Pivot Points

8037

7899

7805

7667

7573

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

7902

7818

7743

7668

7584

LONGER TERM DAILY FIB LEVELS

7111

7452

7757

8061

8402

LIGHT CRUDE OIL May Contract

Buyers turned their backs on oil yesterday after it failed to break through 51.80. The turnaround gave sellers a chance to strut their stuff and declines were posted to 48.40.

This morning has seen another wave of selling to 47.55 which has currently held. There is a little further to go on the downside as sellers see 46.75/61 as a challenge and buyers stay to the sidelines awaiting direction. At 46.75/61

profit taking and fresh buying will be observed. This level is also the 38.2 Fib retrace target, so although Oil is lower it hasn’t as yet broken through any support levels that would suggest the recent bull move is complete.

Back above 47.65 would help buyers make the choice to buy looking for a move back to the break point of 49.80/85

Support

46.75/61**

46.11

45.56

45.15

44.70/62

43.62

43.16

42.51

Resistance

47.65

47.94/48.03

48.40

49.40

49.80/85

50.25

51.20

51.80

Today’s Pivot Points

53.21

51.18

49.79

47.76

46.37

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

49.06

49.86

50.57

51.28

52.08

LONGER TERM DAILY FIB LEVELS

49.40

46.61

44.11

41.61

38.82

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